Wipro’s Recipe To Stop Attrition: 5000 Will Get Instant Promotion; Rs 1 Lakh Bonus For Freshers!
Entire IT industry is grappling with a major issue: Attrition. This year alone, some of the biggest IT firms in India have to deal with attrition as high as 23% in some cases.
In order to stop this drain of talent, and to retain talented employees, Wipro has derived a recipe which IT employees will love: Instant promotions, and huge bonus.
And it is working as well!
Wipro’s Retention Formula: 5000 Will Be Promoted
Before 2019 ends, Wipro will promote 5000 employees and hope to stop attrition.
This has been confirmed by Saurabh Govil, who is the President and Chief Human Resources Officer at Wipro.
This is a move to stop attrition, and retain employees who are talented.
As per Saurabh, such moves are working, as he said, “Our interventions is helping us to retain people,”
Wipro has managed to reduce attrition of employees to 17%, down from 20% this quarter, and this proves that this move to stop employees from leaving is working.
Freshers Will Get Rs 1 Lakh Bonus
Besides this, Wipro will also offer a bonus of Rs 1 lakh to the freshers, who have completed 1 year in the company. This bonus is applicable to only those employees who were hired via campus placement.
This move, it seems, has been targeted for those freshers who wish to leave the company within a year, and especially after training.
Not only this, but employees with digital skills will also be provided special bonus, whose exact amount hasn’t been revealed.
Since digital skills are in demand, and talent scarcity is already there, this is a smart move by Wipro.
IT Firms Are Keen To Stop Attrition
Infosys, India’s 2nd biggest IT firm is also battling the issue of attrition, and have already crossed 24% attrition mark.
In order to stop attrition in their company, Infosys has planned special training for all employees, which will help them to understand and learn new-age skills such as robotics, AI and machine learning.
Lack of foreign postings, and drop in H1B visa allocation has also been attributed for higher attrition among IT employees.
Although attrition dropped last year, it is again increasing this financial year, and we may expect more and more IT firms to come up with strategies to deal with it.